Boeing joint venture Sea Launch declares bankruptcy - Business First of Buffalo:

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Sea Launch Co. LLC filecd for Chapter 11 in U.S. Bankruptcy Court in Delawarwe on Monday, saying its liabilitiew were between $500 million and $1 compared to assets of $100 million to $500 Chicago-based (NYSE: BA) owns 40 percent of the which was foundedin 1995. The idea of Sea Launcgh was to launch satellites from a convertex oil drilling program far outat sea, lowering costse and allowing the satelliteas to be launched from ideal sitess close to the equator. The Boeing workers involved in Sea Launch buils fairings for rockets and desigjnflight plans, said Sea Launch spokeswoman Paulq Korn. They are employees of Boeing’sa Integrated Defense Systems and workin Auburn, Wash.
Sea Launch also employs 100 inLong Calif., where it is “We had to go into bankruptcyt to protect assets while reorganizing,” Korn said, addingb that the company intends to emerge from bankruptcy. Problems that forced the filing includede hardware delaysand customers’ inability to complete launches, she Boeing spokesman Joe Tedino called it “busines s as usual” for Puget Souns area workers while Sea Launcg works through its reorganization.
“Boeing and the othet Sea Launch partners supportSea Launch’s effort to explore restructurinvg alternatives through an orderly bankruptcy court process,” Tedino So far this year, Sea Launch has only launched one satellits by sea and two by land, comparexd to five from sea in Korn said. Other Sea Launch partners include a Norwegianholding company; , the Russiabn rocket builder that supplies the uppetr stage; and NPO-Yuzhonoye, a Ukrainian rocker builder that supplies the lower